MidSouth Bancorp's third quarter earnings fall

by Associated Press

Quarterly earnings down nearly $2 million from comparable period a year ago.

Lafayette-based MidSouth Bancorp Inc. reported third-quarter net income of $2.4 million, or 21 cents per share, down from $4.3 million, or 37 cents per share, a year ago.

Given the effect low oil prices are having on energy companies, MidSouth officials addressed the issue in comments.

The bank said no energy-related loan charge-offs occurred during the third quarter, and so far total $557,000 for the year.

It said energy loans increased $29.2 million during the quarter to $295.6 million, but have since decreased to $259.8 million.

Rusty Cloutier, president and CEO, told The Advocate energy industry woes contributed to the addition of $28.4 million energy-related credits to loans on nonaccrual status during the quarter as well as some rating.